The Egyptian Senate, headed by Speaker Abdel Wahab Abdel Razik, approved a bill to amend the law of cotton trading.
The draft law aims to enable the Cotton Arbitration and Testing General Organization to extend its control over cotton trading, and to control the performance in the cotton circulation cycle.
The new bill will lead to the advancement of the cotton industry and preserve the state's rights to collect its dues.
It also aims to extend the control on all spinners to ensure that they record the quantities, varieties and ranks of cotton in the records, in a way that prevents unlicensed gins from supplying any cotton to the unregistered spinners.
The amendment include a penalty for violating the registration of quantities, varieties and ranks, accompanied by a data card issued by the authority.
The penalty includes an imprisonment for a period not exceeding 6 months and a fine of not less than EGP 100,000, and not more than EGP 1 million.
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